ENV347H1 Lecture Notes - Lecture 4: Homa Katouzian, Oligopoly
11 Dec 2016
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Lecture 4 - key concepts of ecological economics. Owners of capital extract surplus value from production. Dynamic of capitalism - surplus rises --> leads to stagnation: replace capital through war, depression, prolonged recession. Ignored that marx saw capitalism as a civilizing moment. Contrary to textbook economics: marx & economics not just by what most people want, economy is dominated by large firms/ oligopolies, planned through advertising/ media. Mutual accommodation of academic economists & political parties. Economics tries to assume mantle of science: over mathematization - quantity theory of drink (oe covick) Satirical article applied economics rules to drunkenness. Ironic that economics has almost no empirical content: alchemy vs chemistry. Fall of communism has diminished scientific status of economics. No consistent, non-circular, theory of capital in mainstream economics: entrepreneurship, organization of production, degree of roundabout ness, marx - surplus expropriated from exploited labour. Paper economy: establishes property rights over future production (insert diagram of piketty"s g)
